Excelsior completes acquisition of 25 MW solar PV project in California

Excelsior Energy Capital, through its flagship fund, Excelsior Renewable Energy Investment Fund, has closed the acquisition of 100% of Santander Bank, N.A.’s Class A tax equity interests in the 25 MWdc El Centro Solar Project located in El Centro, California.

Mitsubishi HC Capital Inc. and Shikoku Electric Power Co. will invest alongside the Fund to own the asset. The project has a long-term power purchase agreement with an investment-grade public utility and benefits from over 8-years of operating history.

The Fund acquired the Class B cash equity interests in 2019 and plans to implement identified performance upgrades as it seeks to further optimize the project. This transaction is a way for the Fund to deploy follow-on capital into existing investments while streamlining the capital structure. The transaction allows the existing tax equity (Class A) investor to redeploy its capital into new renewable energy projects.